1 YOUR GUIDE TO INVESTMENT-LINKED INSURANCE PLANS. Contents. Introduction to Investment-Linked Insurance Plans (ILPs) How ILPs Work

Size: px
Start display at page:

Download "1 YOUR GUIDE TO INVESTMENT-LINKED INSURANCE PLANS. Contents. Introduction to Investment-Linked Insurance Plans (ILPs) How ILPs Work"

Transcription

1 Contents 02 Introduction to Investment-Linked Insurance Plans (ILPs) 07 How ILPs Work 11 Insurance Protection 12 Investment Returns 14 Fees and Charges 15 Key Questions to Ask & Documents to Note 18 Dispute Resolution 20 Conclusion 01

2 INTRODUCTION TO (ILPS) Investment-linked insurance plans started gaining popularity in Singapore from the early 1990s. Similar plans around the world have been marketed widely for more than 30 years. What is an ILP? An ILP is a life insurance policy which provides a combination of protection and investment. Premiums buy life insurance protection and investment units in professionally managed investment-linked fund(s). ILPs do not provide guaranteed cash values. The value of the ILP depends on the price of the underlying units, which in turn depends on how the investments in the fund perform. Fees, expenses and insurance charges for an ILP are paid for through a deduction of the premium and/or sale of purchased units. ILPs can be broadly classified into two categories: Single premium ILPs where premium is payable in one lump sum; and Regular premium ILPs where on-going premiums are payable. What is an Investment-Linked Fund? An investment-linked fund pools together the premiums paid by policyholders and invests in a portfolio of assets to achieve the fund s objective. The price of each unit in a fund depends on how the investments in that fund perform. The fund may be managed by the insurer or external fund manager(s). What are the Benefits of Purchasing ILPs? Flexibility ILPs offer you flexibility. For example, they allow you to top up your investments on an ad-hoc or regular basis, make withdrawals and switch funds. In addition, many regular premium ILPs give you the flexibility to vary your level of insurance coverage and allow premium holidays, during which premium payments can be temporarily stopped without having to terminate your plan. 02 Note that there may be charges when you effect any of the above

3 changes. Do check the Policy Contract and Product Summary for information on the various charges. Choice of Funds ILPs let you choose from a wide range of investment-linked funds, managed by professional fund managers. It is important to select fund(s) that suit your financial goals and risk profile, for example, low, medium or high risk. ILPs also allow you to move your money from one fund to another to suit your financial situation and risk profile as they change over time. Most insurers offer a limited number of free switches and charge a nominal fee per switch thereafter. Before switching from one fund to another, check whether you are entitled to free switches and if not, how much you would need to pay for the switch. Diversification The investment-linked funds offer you access to different portfolios to help you diversify your investments and protect against the risk of "putting too many eggs in one basket". Potential Returns With ILPs, you can earn potentially higher returns over the long term compared to other life insurance policies such as traditional whole life and endowment plans since you will enjoy the full benefit of any growth in the value of the units that have been allocated to you (please also see question below). Guaranteed Insurability Once you purchase an ILP, you will enjoy guaranteed insurability for the duration of the plan, regardless of any changes in your health status. What are the Risks of Purchasing ILPs? Investment Returns are Not Guaranteed When you purchase an ILP, the investment risk will be borne entirely by you. The performance of the funds is not guaranteed and the price of the units can rise or fall. As such, if a fund does not perform well, the cash and maturity values will be adversely affected. 03

4 Insurance Coverage Charges are Not Guaranteed Most single premium ILPs offer lower insurance coverage levels and consequently have lower insurance coverage charges as compared with regular premium ILPs. For regular premium ILPs, the scale of insurance coverage charges is not usually guaranteed and may be adjusted by insurers (within any maximum limits stated in the Policy Contract). An increase in the scale of charges would only arise if there was a general and sustained worsening of claim experience. If such an increase were deemed necessary, it would be applied to an entire class of policy and not in isolation to an individual policy. Units May Be Insufficient to Pay the Insurance Coverage Charges As the risk of death, disability and illness generally increases with age, Insurance Coverage Charges typically increase as you grow older. For most regular premium ILPs, insurance coverage charges are paid through the sale of units. As you get older, it is possible that a combination of high insurance protection and a poorly performing fund may result in the value of the units being inadequate to meet insurance coverage charges for the level of coverage provided by your plan. Do review your plan regularly, assess the benefits and costs, and discuss with your insurance adviser if changes are needed to ensure that the plan meets your changing needs. What Key Factors Should I Consider Before Purchasing an ILP? Insurance Protection Needs: This will determine what type of insurance coverage you should be taking, for example protection for death, critical illness, disability and accidents, and the level and duration of insurance coverage suitable to meet your needs. 04 Risk Profile: Your risk profile refers to how much investment risk you are willing to bear. It varies from individual to individual, and changes as you grow older, as your financial situation and investment objectives change. The cash value of an ILP depends on the performance of the investmentlinked fund(s) selected. The returns are not guaranteed. If you invest in an ILP, you need to be prepared that the cash value of your policy will fluctuate according to the fund(s) performance. You need to re-evaluate your investment at different points of time as your risk profile changes.

5 Investment Objective: Different investment-linked funds focus on different asset classes, geographical regions or industry sectors, and have different levels of volatility. It is important to select a fund or funds that is/are commensurate with your risk profile and investment objectives. Time Horizon: This refers to the period that you can stay invested before you expect to cash out your investment. Regular premium ILPs are generally regarded as long term insurance plans. A longer time horizon is particularly important when investing in these types of plans as there are usually significant charges in the early policy years. Are ILPs Suitable for Older People? As a general rule, older people have less pressing needs for life insurance they may already have made adequate provision or may have fewer needs once their children are financially independent. An important factor that comes into play for the older person is his or her ability to sustain premium payments if retirement is approaching. For an older person in this situation, who is unlikely to be able to continue with his premium payments beyond retirement and for whom the primary aim is investment, a regular premium ILP will not be a suitable option. The initial costs and the short term investment horizon will seriously limit the potential returns and there will be other investment options that will better suit his or her needs. Similarly, if insurance protection is a significant objective, but cover is only required for a very limited period, there are likely to be other insurance options that could be considered. What Are the Key Differences Between ILPs and Other Life Insurance Plans? The key differences between ILPs and other life insurance plans, such as traditional whole life, endowment and term plans, are summarised in the following table: 05

6 Investment Mandate Investment Returns Cash Value ILPS The part of your premiums that are allocated for the purchase of units will be invested in your chosen investmentlinked fund. The fund is invested according to its specified investment objective. The performance of the fund can be tracked through the daily publication of unit prices. The investment risk is usually borne entirely by you. You may withdraw the cash value of the units that have been allocated to you. Note that there may be a surrender charge. As life insurance policies are long term plans, an early termination of the policy usually involves high costs and the cash value payable may be less than the total premiums paid. Traditional Whole Life, Endowment & Term Plans All of your premiums go into the insurer s participating fund. The insurer decides on the appropriate investment portfolio for this fund after taking into account the nature, term and currency of the insurer s overall liabilities. The performance of the fund will depend not only upon investment performance but also upon other factors such as claims experience (whether this is more or less than anticipated) and expense levels. There are two categories of benefits - guaranteed and nonguaranteed. For guaranteed benefits, the insurer bears the investment risk. However, for non-guaranteed benefits, such as bonuses, benefits depend on the performance of the insurer s participating fund. Whole life and endowment plans guarantee a minimum cash value usually after a few years premiums have been paid. However, note that as life insurance policies are long term plans, an early termination of the policy usually involves high costs and the cash value payable may be less than the total premiums paid. Term plans do not have any cash value. 06

7 Bonuses Premium Breakdown ILPS No bonuses are payable. The value of your ILP depends on the performance of your chosen funds. The amount of the premium used for insurance coverage, other charges and the purchase of units are unbundled and transparent. They are disclosed in the Product Summary and Policy Contract. Traditional Whole Life, Endowment & Term Plans For participating whole life and endowment plans, bonuses may be payable depending on the insurer s profits. Bonuses are not guaranteed. However, once they are declared by the insurer, they become guaranteed additions to the plans. For term plans, bonuses are not payable as these plans provide protection only and do not have any investment/savings element. The premium amount used for insurance coverage, other charges and investment are bundled up. They are not separately identified in the Product Summary and Policy Contract. HOW ILPs WORK Do I Pay A One-Time Premium or Do I Need to Pay Regularly? ILPs can be broadly classified into two categories: Single Premium ILPs In a single premium ILP, you pay a lump sum amount to purchase units in a fund. Regular Premium ILPs In a regular premium ILP, you pay premiums on a regular basis such as monthly, quarterly, semi-annually or annually. In addition to single and regular premium payments, most plans give you the option of investing an additional amount to your ILP at any time. This additional amount (known as a top-up premium) can be invested on a regular or ad-hoc basis. Some single premium ILPs offer you the 07

8 option of making top-ups at specific intervals. These options are commonly known as recurring single premium options. Can I Invest With My Central Provident Fund (CPF) Savings? Premiums and top-ups can be made with CPF savings if the ILP is included under the CPF Investment Scheme. Since January 2001, only single premium plans have been allowed under the CPF Investment Scheme. However, CPF members who have purchased regular premium plans prior to 2001 can continue to have the regular premiums paid from their CPF savings. What are Offer and Bid Prices? Premiums are used to purchase units in the investment-linked fund(s) of your choice. The offer price is the price that is used to purchase units. For example, if the offer price is $1 and the whole of a $1,000 premium is used to buy units, it will buy 1,000 units. Units are then sold to pay for the various charges. The bid price is the price that is used when units are sold. There is typically a 5% difference between bid and offer prices. For example, if the bid price is $0.95, 1,000 units can be cashed in for $950. The difference between the bid and offer prices is used to help defray the insurer s expenses. The cash value of the ILP depends on the number of units you have and the bid price of those units. The bid price in turn depends on the performance of the underlying investment-linked fund(s). The bid and offer prices change on a daily basis. How Much of the Premium is Used to Purchase units? The full amount of premium paid may not always be allocated to purchase units. Before buying an ILP, it is important to find out what percentage of your premium would be used to purchase units. This information, commonly known as allocation rate, is available in the Product Summary and/or Policy Contract. For most single premium plans and top-ups, 100% of your premium is used to purchase units. For regular premium plans, the amount of premium used to purchase units will depend on the structure of the plan i.e. whether it has a "front-end" or "back-end" loading. 08 Front-End Loading In a front-end loaded plan, a certain amount of premiums would be

9 used to help defray the insurer s expenses such as distribution and administration costs in the early years. These expenses decrease over time. As such, less than 100% of premiums are allocated to purchase units in the initial years. The premium allocation increases over time until it reaches 100%. Some insurers also provide premium allocations in excess of 100% in the later policy years, usually to reward policyholders who keep their policies in force for the long term. For example, the allocation rates for a regular premium plan may be: 15% in policy year 1 30% in policy year 2 50% in policy year 3 100% in policy years 4 to 9 102% thereafter This means that 15% of the first year s premium will be used to purchase units. In the second year, 30% will be allocated to purchase units, and 50% for the third year. From the fourth to ninth year, the full premium will be used to buy units. From the tenth year onwards, 102% of the premium will buy units. The diagram below illustrates how the allocation rate is applied to the first year premium for a regular premium ILP with front-end loading. Example Payment of Premium Policyholder pays premium. Annual premium of $1,200 is paid. Allocation of Premium Insurer allocates a portion of the premium to purchase units in investment-linked fund(s) that the policyholder selects. Year 1 Allocation Rate: 15%. This means that $180 (15% of $1,200) is allocated to purchase units. $1,020 (85% of $1,200) goes to pay for initial expenses, which includes distribution and administration costs. Purchasing Units Units are purchased at the Offer Price. Offer Price: $1 Premium Allocated: $180 Number of Units Purchased:

10 Selling Units To Cover Charges Units are sold at the Bid Price to pay charges in the ILP. The Bid Price is usually lower than the Offer Price. Charges include charges for insurance protection. Insurance coverage charges are commensurate with the amount and type of insurance protection selected. As the risk of death, disability and illness increases with age, the insurance charges increase as the insured person grows older. Bid Price: $0.95 Insurance Charge: $50 Number of Units Sold to Pay Insurance Charge: 53 [$50 / $0.95] Remaining Number of Units in the ILP: 127 [180 53] Cash value of the ILP: $121 [127 units x bid price of $0.95 Note: In the above example, the number of units is rounded to nearest whole number. Back-End Loading Under a back-end loaded plan, 100% of premiums are allocated to purchase units from the start. However, to help insurers defray distribution and administration costs, back-end charges are imposed if you wish to surrender your plan, in whole or part, within a certain period of time. It should be noted that, although the premium allocation structure differs for front-end and back-end loaded ILPs, the overall effect of the charges will be similar. How Are Unit Prices Computed? The frequency and methodology for computing unit prices vary from fund to fund. Details can be found in the Product Summary and Policy Contract. 10 For most ILPs, unit prices are computed based on forward pricing. This means that the fund manager re-calculates the fund s net asset value based on the value of the investment-linked fund s underlying assets, after the market closes. The fund management charges are then deducted from the net asset value, and the balance is then divided by the total

11 number of units to derive the unit price. All ILP orders to purchase or sell units are then settled based on the next computed unit price. INSURANCE PROTECTION What Types of Insurance Protection Do ILPs Provide? ILPs provide insurance protection in the event of death. Additional benefits may include total and permanent disability, accidental death, critical illness and hospitalisation coverage. Regular premium ILPs also generally give you the flexibility to vary the level of insurance coverage to meet your individual protection needs. However, an increase in coverage may be subject to the insurer s underwriting approval. It should be noted that the cost of insurance, based on your age, scope and type of protection chosen, would be charged accordingly. Most single premium ILPs provide lower levels of insurance protection as compared to regular premiums ILPs. Does the Cost of Insurance Increase with Age? Yes, it is an inescapable fact of life that from your 30s onwards there is, year by year, an increasing risk of death, disability or of contracting a critical illness. This increasing risk of claim has to be factored into the calculation of the premiums for any life insurance product. Do I Need to Pay Higher Premiums as I Get Older? Not necessarily. Most life insurance products, including regular premium ILPs, are designed so that the premium you pay remains level throughout the life of the policy. For most regular premium ILPs, the premium, which is usually payable monthly, is used to buy units in your chosen investmentlinked fund. Units are then sold to pay for the insurance cover that month. Whilst these insurance coverage charges increase year by year, the premium that you pay that is, the sum of money that actually leaves your bank account each month will have been determined with the expectation 11

12 that the premium will remain unchanged for the intended duration of the policy. This premium will have been based on certain assumptions about the performance of the fund but, if the fund performs poorly, the units may not be adequate to meet the insurance coverage charges. Under these circumstances you may need to increase your premiums or reduce the level of insurance protection. It should be noted that some insurers offer plans that limit insurance cover to modest levels for which there is no explicit charge and where the cost is borne by the insurer out of the management fees. How Does the Level of Protection Affect Cash Values? For regular premium ILPs, it is important to understand that, for the premium you wish to pay, there will be a trade off between the amount of insurance coverage provided and the amount available for investment. The higher the level of coverage selected, the more units will be absorbed to pay for the insurance charges and the fewer units will remain to accumulate cash values under your policy. INVESTMENT RETURNS Are Investment Returns Guaranteed? Investment returns from ILPs depend on the performance of your chosen fund. The returns are not guaranteed. You will have to bear the investment losses if the funds perform poorly. Conversely, you will enjoy the full benefit of investment gains if the funds perform well. It should also be noted that the past returns of a fund are not necessarily indicative of the future performance of the fund. What Types of Funds Do ILPs Offer? 12 Most insurers offer a wide range of funds to suit your investment objectives, risk profile and time horizons. There is a correlation between risk and reward so that there will be a trade off between the risks associated with the fund and its potential returns. For example, higher risk investments, such as equity funds, offer greater potential for higher returns whereas the relative safety of cash funds may be expected to yield more modest returns.

13 Your risk preference and, therefore, the appropriate fund may well change during the lifetime of your policy as your time horizons shorten. As a general rule, the closer one gets to the time when the value of the policy will be realised, the less risk one wishes to take. For investments under the CPF Investment Scheme, the CPF assigns a risk classification to all participating ILP funds. The following are some of the more common types of funds available along with an indication of their risk characteristics. The risk classification can only be a very broad guide since the risks associated with any fund will depend upon how, precisely, it is invested. For example, a Bond Fund specialising in low investment grade bonds will be a high risk investment. More information on the risk classification of funds authorised to participate in the CPF Investment Scheme can be found on the CPF website. Type General Description Risk Category Minimum Time Horizon* Equity Funds Primarily invested in company stocks with the general aim of capital appreciation Medium to High 10 years plus Income, Fixed Interest and Bond Funds Invested in corporate bonds, government securities and other fixed income instruments Medium 4 years plus Cash Funds Sometimes known as Money Market Funds invested in cash, bank deposits and other money market instruments Low Up to 3 years Balanced Funds Combining equity investment with fixed interest instruments Medium 4 years plus Geographically Specialised Funds Investments restricted to a particular country or region High 10 years plus * Please check the allocation rate of your ILP as not all premiums may be invested (see page 8). Also note that actual returns would depend on the performance of the respective investment-linked fund(s). 13

14 What Happens If I Find that the Fund is No Longer Appropriate? You would normally have the flexibility to move part or all of your money from one fund to another (known as fund switching). When selecting or switching investment-linked fund(s), it is important that you take your risk profile, investment objective and time horizon into consideration. How Would I Know If a Fund is Performing Well? You can monitor the investment performance of investment-linked funds by checking the unit prices regularly. Unit prices of investmentlinked funds are published in a number of publications including The Straits Times, The Business Times and Lianhe Zaobao. Some insurers also publish unit prices on their website. You should not make hasty decisions just by looking at the daily prices of the units you have invested. You should seek the advice of the insurance adviser. FEES AND CHARGES What are the Fees and Charges for ILPs? ILPs offered by different insurers will have varying charge structures. These charges provide the means through which the insurer recoups its distribution and administrative expenses and the cost of insurance coverage. Details of all charges for a particular ILP can be found in the Product Summary and Policy Contract of that plan. Broadly, the different types of fees and charges are as follows. While insurers have the right to revise fees and charges over time, most policy contracts state the maximum that the insurer may charge. You should take note of this when considering an ILP. Insurance Coverage Charges These are charges to provide for the cost of insurance coverage, for example death coverage, under the plan. These charges can be on a monthly basis and are usually funded by sale of units. 14 The insurance coverage charges will depend on a number of factors, such as the amount of coverage, your age, gender and whether or not you are a smoker. Insurance coverage charges increase with age.

15 The majority of single premium ILPs do not impose insurance coverage charges. Fund Management Fees These are fees payable to the fund manager for management of the fund. Policy/ Administration Charges These are the fees for administration of the plan. Surrender Charges You may sell units in your ILP at any time. However there may be a surrender charge for partial or full encashing of units before a certain period of time. You should bear in mind that if you sell some of your units you should also review the level of insurance protection as the remaining units may not be adequate to sustain the level of cover that you had originally selected. Bid-Offer Spread This is the difference between the unit offer price and unit bid price. Units are purchased at offer price, and sold at bid price. The bid-offer spread helps to cover distribution costs, marketing and other general administration expenses. Fund Switching Charge Generally a limited number of fund switches are allowed each year without charge, but subsequent switches will be subject to a charge. KEY QUESTIONS TO ASK & DOCUMENTS TO NOTE What Questions Should I Ask My Insurance Adviser When Considering Whether to Buy an ILP? To determine the suitability of any life insurance plan to meet your needs, you should first go through a proper Financial Needs Analysis with your insurance adviser. This is important as it will help to identify your financial goals, protection needs, risk preference and affordability. After 15

16 understanding this, your insurance adviser will be able to recommend suitable products to meet your needs. The following are key questions you should ask your insurance adviser: Type of Plan What type of ILP is it e.g. single or regular premium, front-end or backend loaded? What are the benefits and risks of the plan? Do I have to monitor the investment? What kind of commitments do I have to make to ensure that the investment is sustained in the long run? Premiums What options do I have if I want to stop my premiums temporarily? What happens to my insurance coverage if I stop my premiums? For how long do I need to pay the premiums? Returns Are the returns guaranteed? What kind of investment risk am I exposed to for my returns? Can I lose some or all of my money in this plan? Insurance Protection What type of insurance protection is provided? What is the amount and period of coverage? Can I change the amount of coverage as my needs change? What are the costs involved? Funds 16 What are the types of funds available, their performance track record and their charges? Who are the fund managers? Which funds suit my risk preference? Can I switch funds?

17 Fees and Charges What are the fees and charges for the plan? Where can I find details of the fees and charges? Surrender and Withdrawals What are the charges if I want to terminate my plan? Can I make partial withdrawals? What are the pros and cons when I terminate my plan? Review of My Plan What happens if my financial needs or personal circumstances change e.g. retirement or become unemployed? Market Knowledge What are other insurers offering? How does your plan compare with other insurers plans? What Documents Should I Take Note Of? You will receive the following sales documents from your insurance adviser before you purchase an ILP. It is important to read these documents and understand the product before making a purchase: A Financial Needs Analysis This document is based upon the personal and financial information that you share with your insurance adviser, and is intended to help identify your financial goals, protection needs, risk preference and affordability. Your insurance adviser should also state the basis for his or her product recommendation. You should discuss this basis with your adviser and assess if the recommended plan meets your needs. A Product Summary This describes the features, fees and charges of the plan you are purchasing. 17

18 A Benefit Illustration This illustrates the benefits of the plan, both guaranteed and nonguaranteed, and the costs and charges associated with the ILP you are purchasing, including distribution costs, which take into account the commission the insurer will pay to your insurance adviser, and the charges for insurance coverage. Your Guide to Life Insurance This is a guide which gives general information about life insurance and the types of products available. After you have bought your ILP, your insurer will send you a statement, at least once a year. This statement shows the value of units in the policy, transactions for the period and charges paid through the sale of units. It is advisable to review this statement together with your insurance adviser to check if the ILP and fund(s) selected continue to be relevant to your needs. What If I Change My Mind After Purchasing An ILP? As with all life insurance policies, after purchasing an ILP you will have 14 days to review your plan. If you decide that the plan is not suitable for your needs, you can cancel it. The insurer will refund all of the premiums that you have paid (with adjustment for any change in the market value of the investments which back the plan) less medical and other expenses the insurer has had to pay. You will need to send the insurer a written notice within 14 days from the date you receive your Policy Contract. DISPUTE RESOLUTION What If I Have a Complaint About My ILP? 18 If you have a complaint about your ILP, you should first refer the matter to your insurer or the insurance adviser who sold you the ILP. However, if you fail to reach an agreement, the Financial Industry Disputes Resolution Centre (FIDReC) provides an independent alternative dispute resolution scheme. You must lodge your complaint with FIDReC within six months

19 from the date when you failed to reach an agreement with your insurer. FIDReC is staffed by full-time employees who are familiar with insurance law and practice. FIDReC aims to tackle and sort out disputes in a fair and cost-efficient way. This should hopefully mean you avoid timeconsuming, stressful and costly legal proceedings. At present, FIDReC covers the following: Claims between insured persons and insurance companies: up to S$100,000 per claim Other claims (including disputes between banks and consumers, capital market disputes, third party claims and market conduct claims): up to S$50,000 per claim FIDReC s rulings are final and binding on the financial institution, but not on you. You may choose to accept or reject FIDReC s decision. If you are unhappy with the ruling by FIDReC, you can choose to pursue legal action or other options such as approaching the Consumers Association of Singapore, the Singapore Mediation Centre or the Small Claims Tribunal. However, if you do accept FIDReC s ruling, you may lose your right to proceed with legal action against the financial institution. You can contact FIDReC at: 20 Cross Street #02-01/02 China Court China Square Central Singapore Tel: Fax: Website: Operating hours: Mondays, Wednesdays and Fridays, 9am to 6pm, and Tuesdays and Thursdays, 9am to 7.30 pm 19

20 CONCLUSION Investing in an ILP requires careful evaluation of your risk profile, age, financial commitment and a good understanding of how ILPs work. In the case of regular premium ILPs, be aware that these are generally regarded as long term insurance plans, and a longer time horizon is particularly important as there are usually significant charges in the early policy years. Exercise caution and seek professional advice before making a purchase decision. 20 There is a wide array of investment and insurance products in the market. It is important to understand and select products that best meet your needs. Your insurance adviser is required to disclose product information and to have a reasonable basis for his or her recommendation. Work with your insurance adviser to assess if an ILP is suitable for your needs, and review your plan regularly to ensure that it meets your changing needs.

Investment-linked Insurance plans (ILPs)

Investment-linked Insurance plans (ILPs) Produced by > your guide to Investment-linked Insurance plans (ILPs) An initiative of This Guide is an initiative of the MoneySENSE national financial education programme. The MoneySENSE programme brings

More information

Your guide to. Participating. Policies. An initiative of

Your guide to. Participating. Policies. An initiative of Your guide to Participating Policies 2008 An initiative of This Guide is an initiative of the MoneySENSE national financial education programme. The MoneySENSE programme brings together industry and public

More information

Basic Plus II. Both Flexible Savings and Life Protection under One Single Policy

Basic Plus II. Both Flexible Savings and Life Protection under One Single Policy Basic Plus II Both Flexible Savings and Life Protection under One Single Policy Basic Plus II ( the product ) gives you the opportunity to earn interest returns while acquiring comprehensive life protection,

More information

What is Secure Joint Life Plan?

What is Secure Joint Life Plan? Jubilee Life s Secure Joint Life Plan gives you and your family total financial security and peace of mind while providing life insurance coverage to two lives simultaneously. It provides you a solution

More information

Both types of policies can accumulate substantial savings. The earlier you start, the more you could earn from the policy by the time you retire.

Both types of policies can accumulate substantial savings. The earlier you start, the more you could earn from the policy by the time you retire. Frequently Asked Questions on Insurance products General Enquiries 1. Why bother with insurance? Life insurance gives you and your family financial protection against the financial loss that can happen

More information

Minimum Entry Age Maximum Entry Age. The minimum and maximum sum assured are $50,000 and $200,000* respectively.

Minimum Entry Age Maximum Entry Age. The minimum and maximum sum assured are $50,000 and $200,000* respectively. PRODUCT SUMMARY DIRECT Whole Life (DWRA) 1. Policy Description DIRECT Whole Life is a participating, regular premium whole life insurance plan that provides financial protection against Death, Total &

More information

plus rewarding savings more options for your future

plus rewarding savings more options for your future plus rewarding savings more options for your future bonussave plus Aim Risk Capital Protected Funds Available Time Period Jargon Free 4 Rewarding you for saving regularly Moderate to high depending on

More information

PRODUCT KEY FACTS STATEMENT

PRODUCT KEY FACTS STATEMENT AXA China Region Insurance Company (Bermuda) Limited PRODUCT KEY FACTS STATEMENT Pavo Investment Insurance Plan February 2015 This statement provides you with key information about this product. This statement

More information

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General

More information

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option)

Important information. Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) Important information Key Features of the Prudential International Investment Portfolio (Capital Redemption Option) > Contents About this booklet 4 About the Prudential International Investment Portfolio

More information

Types of Life Insurance Products

Types of Life Insurance Products Types of Life Insurance Products Page 1 of 16, see disclaimer on final page Table of Contents Term Life Insurance...3 Who should buy term life insurance?...3 Advantages of term life insurance... 3 Disadvantages

More information

Variable Universal Life (VUL)

Variable Universal Life (VUL) Variable Universal Life (VUL) What is it? Permanent (cash value) life insurance with maximum flexibility Variable universal life (VUL) is considered the most flexible type of permanent (cash value) life

More information

BRIEFING NOTE. With-Profits Policies

BRIEFING NOTE. With-Profits Policies BRIEFING NOTE With-Profits Policies This paper has been prepared by The Actuarial Profession to explain how withprofits policies work. It considers traditional non-pensions endowment policies in some detail

More information

Life Insurance Review

Life Insurance Review Supplemental Illustration Prepared by: MetLife Agent Financial Services Representative 200 Park Ave. New York, NY 10166 Insurance Products: Not A Deposit Not FDIC-Insured Not Insured By Any Federal Government

More information

Onshore Bond for Wrap Key Features

Onshore Bond for Wrap Key Features Onshore Bond for Wrap Key Features This is an important document. Please read it and keep it along with your personal illustration for future reference. The Financial Conduct Authority is a financial services

More information

PRUlife saver. Build savings and protect loved ones with one insurance plan. Life & Savings Insurance

PRUlife saver. Build savings and protect loved ones with one insurance plan. Life & Savings Insurance PRUlife saver Build savings and protect loved ones with one insurance plan Life & Savings Insurance PRUlife saver Savings and protection are essential elements of financial success. PRUlife saver is for

More information

Elite Retirement Account TM

Elite Retirement Account TM Elite Retirement Account TM Key Features of the Elite Retirement Account The Elite Retirement Account (ERA) is a Self Invested Personal Pension (SIPP). A SIPP is a personal pension that allows you greater

More information

PROTECTION PROTECTION VUL. Taking the right steps in planning for the future CONSUMER GUIDE

PROTECTION PROTECTION VUL. Taking the right steps in planning for the future CONSUMER GUIDE CONSUMER GUIDE PROTECTION PROTECTION VUL Taking the right steps in planning for the future JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK IM5237CG There are

More information

KEY FEATURES OF THE PHASED ANNUITY PLAN

KEY FEATURES OF THE PHASED ANNUITY PLAN KEY FEATURES OF THE PHASED ANNUITY PLAN The Financial Services Authority is the independent financial services regulator. It requires us, Friends Life Company Ltd, to give you this important information

More information

Discover What s Possible

Discover What s Possible Discover What s Possible Guaranteed Choice Whole Life Guaranteed Choice Whole Life for Individuals and Families PM6373 There is comfort in predictability There s a certain comfort that comes with knowing

More information

Online Investments. Our Fund Range and Investments

Online Investments. Our Fund Range and Investments Online Investments Our Fund Range and Investments Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks

More information

INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND

INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND INVESTMENT BOND INCOME AND GROWTH, ALL IN ONE BOND PAGE 1 INVESTING GROWTH, INCOME OR A COMBINATION OF THE TWO? WHAT IS A BOND? THE INVESTMENT BOND AT A GLANCE PAGE 2 FINDING A BALANCE INVESTING FOR GROWTH

More information

EarlyIncome Annuity Plan

EarlyIncome Annuity Plan EarlyIncome Annuity Plan HSBC Life (International) Limited HSBC Life (International) Limited ( the Company ) is incorporated in Bermuda with limited liability, and is one of the HSBC Group s insurance

More information

NEDGROUP LIFE FINANCIAL MANAGEMENT PRINCIPLES AND PRACTICES OF ASSURANCE COMPANY LIMITED. A member of the Nedbank group

NEDGROUP LIFE FINANCIAL MANAGEMENT PRINCIPLES AND PRACTICES OF ASSURANCE COMPANY LIMITED. A member of the Nedbank group NEDGROUP LIFE ASSURANCE COMPANY LIMITED PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT A member of the Nedbank group We subscribe to the Code of Banking Practice of The Banking Association South Africa

More information

Global Savings Account Accelerate your wealth creation. Global Savings Account 1

Global Savings Account Accelerate your wealth creation. Global Savings Account 1 Global Savings Account Accelerate your wealth creation Global Savings Account 1 1 Global Savings Account Global Savings Account 2 Nurture a strong and secure future You ve worked hard to build a better

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 21 February 2013 This Product Highlights Sheet is an important document. It highlights the key terms and risks of the ILP sub-fund and complements the Product Summary and Fund Summary. It

More information

You must always read the fine print of the contract and understand the limits or exclusion clauses.

You must always read the fine print of the contract and understand the limits or exclusion clauses. Introduction This is an introductory guide to help you understand how life insurance works.it gives you basic information so that you can make an informed decision when purchasing life insurance policy.

More information

KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read

KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read KEY FEATURES OF THE PERSONAL PENSION (TOP UP PLAN) Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU

More information

PRUDENTIAL VIETNAM LIFE ASSURANCE ILP (PRU-WEALTH ASSURED) PRODUCT BROCHURE

PRUDENTIAL VIETNAM LIFE ASSURANCE ILP (PRU-WEALTH ASSURED) PRODUCT BROCHURE PRUDENTIAL VIETNAM LIFE ASSURANCE ILP (PRU-WEALTH ASSURED) PRODUCT BROCHURE 1 Page Are successful career and strong financial status enough to satisfy you? Does your current prosperous life still concern

More information

INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS.

INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS. INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS. This brochure tells you about investing in unit trusts, OEICs and ISAs with us, and supports the Key Investor Information Document.

More information

Understanding Indexed Universal Life Insurance

Understanding Indexed Universal Life Insurance Understanding Indexed Universal Life Insurance Consumer Brochure Table of Contents Overview... [ 2 ] Indexed Universal Life Insurance...[ 2 ] What is Indexed Universal Life Insurance?... [ 2 ] How North

More information

PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT.

PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT. PPFM JULY 2013 PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT 1 PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT. This is an important document, which you should read and keep. 2 PRINCIPLES AND PRACTICES

More information

PRUlife juvenile saver

PRUlife juvenile saver PRUlife juvenile saver Save for and protect your children s future with one insurance plan Life & Savings Insurance PRUlife juvenile saver A firm financial foundation gives your child a headstart! PRUlife

More information

MACQUARIE LIFETIME INCOME GUARANTEE POLICY

MACQUARIE LIFETIME INCOME GUARANTEE POLICY MACQUARIE LIFETIME INCOME GUARANTEE POLICY series 1: Product disclosure statement issued 8 march 2010 Important NOTICE This Product Disclosure Statement ( PDS ) is dated 8 March 2010 and together with

More information

Key Features of the Elevate General Investment Account and the Elevate Stocks & Shares Individual Savings Account

Key Features of the Elevate General Investment Account and the Elevate Stocks & Shares Individual Savings Account Elevate Key Features of the Elevate General Investment Account and the Elevate Stocks & Shares Individual Savings Account Important Information The Financial Conduct Authority (FCA) is a financial services

More information

LIFE INSURANCE LIFE INSURANCE. Understanding Your Life Insurance Options. Financially protecting those who depend on you may be easier than you think.

LIFE INSURANCE LIFE INSURANCE. Understanding Your Life Insurance Options. Financially protecting those who depend on you may be easier than you think. THE PRUDENTIAL INSURANCE COMPANY OF AMERICA LIFE INSURANCE Understanding Your Life Insurance Options MANY PEOPLE BENEFIT FROM HAVING A COMBINATION OF BOTH AND LIFE INSURANCE POLICIES offer convenience

More information

Income Goal Insurance Plan

Income Goal Insurance Plan Income Goal Insurance Plan HSBC Life (International) Limited HSBC Life (International) Limited ( the Company ) is incorporated in Bermuda with limited liability, and is one of the HSBC Group s insurance

More information

PRUlink single premium investment plan

PRUlink single premium investment plan PRUlink single premium investment plan Product Brochure Table of contents What is PRUlink single premium investment plan? 3 How does the Plan work? 4 Life coverage for your loved ones 5 Bonuses 8 Financial

More information

rewards saving again and again

rewards saving again and again rewards saving again and again select bonussave Aim Risk Capital protected Funds available Time period Jargonfree NO 5 10 + Rewarding you for saving regularly Moderate to high depending on fund choice

More information

HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND

HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND HOW WE MANAGE THE PHOENIX LIFE LIMITED SPI WITH-PROFITS FUND A guide for trustees with Simplified Pension Investment deposit administration policies invested in this fund The aims of this guide The guide

More information

A Consumer Guide For Annuity Products in New York

A Consumer Guide For Annuity Products in New York A Consumer Guide For Annuity Products in New York Boris Kulikov Wandanowak.com Andrew M. Cuomo, Governor Benjamin M. Lawsky, Superintendent New York State Department of Financial Services This guide provides

More information

Windsor Life Assurance Company Limited. Windsor Life With-Profit Fund. Principles and Practices of Financial Management

Windsor Life Assurance Company Limited. Windsor Life With-Profit Fund. Principles and Practices of Financial Management Windsor Life Assurance Company Limited Windsor Life With-Profit Fund Principles and Practices of Financial Management July 2011 Registered in England No. 754167. Registered Office: Windsor House, Telford

More information

PruLife Index Advantage UL

PruLife Index Advantage UL CREATED EXCLUSIVELY FOR FINANCIAL PROFESSIONALS FAQS PruLife Index Advantage UL A new product usually gives rise to questions, and PruLife Index Advantage UL (Advantage UL) is no exception. Here are some

More information

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP)

KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) KEY FEATURES OF THE OPENWORK PENSION ACCOUNT (SIPP) 2 INTRODUCTION The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you

More information

Life Insurance. Single Premium Life Insurance

Life Insurance. Single Premium Life Insurance Life Insurance Life insurance provides cash for many important expenses to help survivors deal with a number of pressing financial issues after the loss of a loved one. Proceeds from a life insurance policy

More information

LIFE INSURANCE ASSOCIATION, SINGAPORE

LIFE INSURANCE ASSOCIATION, SINGAPORE LIFE INSURANCE ASSOCIATION, SINGAPORE 20 Cross Street #02-07/08. China Court. China Square Central. Singapore 048422 Tel (65) 6438 8900. Fax (65) 6438 6989 Email lia@lia.org.sg. Web www.lia.org.sg To:

More information

Unit-Linked Insurance Policies in the Indian Market- A Consumer Perspective

Unit-Linked Insurance Policies in the Indian Market- A Consumer Perspective Unit-Linked Insurance Policies in the Indian Market- A Consumer Perspective R. Rajagopalan 1 Dean (Academic Affairs) T.A. Pai Management Institute Manipal-576 104 Email: raja@mail.tapmi.org 1 The author

More information

Understanding investment concepts

Understanding investment concepts Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

How we work out the prices for the Unit-Linked Funds of Phoenix Ireland

How we work out the prices for the Unit-Linked Funds of Phoenix Ireland How we work out the prices for the Unit-Linked Funds of Phoenix Ireland A guide for policyholders with unit linked policies The aim of this guide This guide explains how we work out the fund prices for

More information

Prudential Onshore Portfolio Bond. Your questions answered

Prudential Onshore Portfolio Bond. Your questions answered Prudential Onshore Portfolio Bond A guide to the Prudential Onshore Portfolio Bond Your questions answered The Prudential Onshore Portfolio Bond combines the advantage of a wide choice of assets available

More information

Helping to Protect Your Family And Secure Your Future

Helping to Protect Your Family And Secure Your Future GuiFinal 6/18/07 11:47 AM Page 1 Helping to Protect Your Family And Secure Your Future Group Universal Life Insurance Developed for the Employees of County of Fresno GuiFinal 6/18/07 11:47 AM Page 2 GuiFinal

More information

DISCLOSURE AND ADVISORY PROCESS REQUIREMENTS FOR ACCIDENT AND HEALTH INSURANCE PRODUCTS

DISCLOSURE AND ADVISORY PROCESS REQUIREMENTS FOR ACCIDENT AND HEALTH INSURANCE PRODUCTS Notice No : MAS 120 Issue Date : 30 January 2004 Last revised on 30 October 2015* DISCLOSURE AND ADVISORY PROCESS REQUIREMENTS FOR ACCIDENT AND HEALTH INSURANCE PRODUCTS Introduction 1. This Notice is

More information

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The

More information

FINANCIAL ADVISERS ACT (CAP. 110)

FINANCIAL ADVISERS ACT (CAP. 110) Monetary Authority of Singapore FINANCIAL ADVISERS ACT (CAP. 110) NOTICE ON INFORMATION TO CLIENTS AND PRODUCT INFORMATION DISCLOSURE Notice No : FAA-N03 Issue Date : 1 October 2002 [Last revised on 20

More information

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND INTRODUCING THE ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced,

More information

HOW WE MANAGE THE PHOENIX LIFE LIMITED PHOENIX WITH-PROFITS FUND

HOW WE MANAGE THE PHOENIX LIFE LIMITED PHOENIX WITH-PROFITS FUND HOW WE MANAGE THE PHOENIX LIFE LIMITED PHOENIX WITH-PROFITS FUND A guide for policyholders with unitised with-profits policies (except for Profit Plus Fund policies) invested in this fund The aims of this

More information

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE

UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE equimax CLIENT GUIDE ABOUT EQUITABLE LIFE OF CANADA Equitable Life is one of Canada s largest mutual life insurance companies. For generations we ve provided

More information

UNIT TRUST TERMS AND CONDITIONS EFFECTIVE 24 MAY 2016 VERSION 7.1

UNIT TRUST TERMS AND CONDITIONS EFFECTIVE 24 MAY 2016 VERSION 7.1 UNIT TRUST TERMS AND CONDITIONS EFFECTIVE 24 MAY 2016 VERSION 7.1 Allan Gray Unit Trust - Terms and conditions This document sets out the Terms and Conditions applicable to your Allan Gray Unit Trust

More information

Synergy Global Advantage Gold. Fixed Indexed Universal Life Insurance Consumer Brochure. Distributed by:

Synergy Global Advantage Gold. Fixed Indexed Universal Life Insurance Consumer Brochure. Distributed by: Synergy Global Advantage Gold Fixed Indexed Universal Life Insurance Consumer Brochure Distributed by: ADV 1188 (12-2011) Fidelity & Guaranty Life Insurance Company Rev. 09-2014 14-680 Synergy Global Advantage

More information

Heirloom II Protect the heart of your business.

Heirloom II Protect the heart of your business. Heirloom II Protect the heart of your business. 02 Heirloom II It is easy to start a business, but difficult to keep one. Meeting your unique needs Your achievements. Your heirloom. There is a Chinese

More information

LEGAL & GENERAL (UNIT TRUST MANAGERS) LIMITED A GUIDE TO INVESTING IN A JUNIOR ISA WITH US.

LEGAL & GENERAL (UNIT TRUST MANAGERS) LIMITED A GUIDE TO INVESTING IN A JUNIOR ISA WITH US. LEGAL & GENERAL (UNIT TRUST MANAGERS) LIMITED A GUIDE TO INVESTING IN A JUNIOR ISA WITH US. The complete picture This document gives you general information about investing in a Junior ISA with us. You

More information

Important information. Key Features of the Prudential Savings Account Top Up Investment

Important information. Key Features of the Prudential Savings Account Top Up Investment Important information Key Features of the Prudential Savings Account Top Up Investment > Contents About this booklet 4 About the Prudential Savings Account 4 Its aim 5 Your Commitment 5 Risks 5 Questions

More information

FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference.

FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. 2 FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES FOR AN ADDITIONAL PLAN ABOUT

More information

Goal Access Universal Life Plan (Protection)

Goal Access Universal Life Plan (Protection) Goal Access Universal Life Plan (Protection) HSBC Life (International) Limited HSBC Life (International) Limited ( the Company ) is incorporated in Bermuda with limited liability, and is one of the HSBC

More information

FORMER BRITANNIC ASSURANCE PERSONAL PENSION PLAN (CHANNEL ISLANDS)

FORMER BRITANNIC ASSURANCE PERSONAL PENSION PLAN (CHANNEL ISLANDS) Important Information for Phoenix Life Limited Britannic With-Profits Fund Customers FORMER BRITANNIC ASSURANCE PERSONAL PENSION PLAN (CHANNEL ISLANDS) 1 January 2016 Your investment with Phoenix Life

More information

Self Invested Personal Pension for Wrap Key Features

Self Invested Personal Pension for Wrap Key Features Self Invested Personal Pension for Wrap Key Features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is an independent financial services regulator.

More information

Key Features of the MetLife Bond Range. Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond

Key Features of the MetLife Bond Range. Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond Key Features of the MetLife Bond Range Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond Key Features of the MetLife Bond Range 1 Key Features of the MetLife Bond Range

More information

Personal Pension Plan

Personal Pension Plan Personal Pension Plan Unit Linked Key Features Document Special Offer for 2015 No charge on top-ups in order to help you maximise your tax allowance for 2015 IMPORTANT INFORMATION Bank of Valletta p.l.c.

More information

Standard Life Assurance Limited OCTOBER 2013. Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund

Standard Life Assurance Limited OCTOBER 2013. Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund Standard Life Assurance Limited OCTOBER 2013 Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund Preface... 2 Background to the Principles and Practices of Financial

More information

Protect what matters most. Provide a lifetime of financial security with AIA Platinum Gift for Life. Citi solutions. AIA expertise.

Protect what matters most. Provide a lifetime of financial security with AIA Platinum Gift for Life. Citi solutions. AIA expertise. Protect what matters most. Provide a lifetime of financial security with AIA Platinum Gift for Life. Citi solutions. AIA expertise. 01 AIA PLATINUM GIFT FOR LIFE Preserve Your Wealth for Generations to

More information

Wrap ISA and Wrap Personal Portfolio 1/26

Wrap ISA and Wrap Personal Portfolio 1/26 Wrap ISA and Wrap Personal Portfolio 1/26 Terms and conditions These terms govern your relationship with Standard Life Savings, a company authorised and regulated by the FCA which is part of the Standard

More information

Participating Policy Fact Sheet

Participating Policy Fact Sheet Participating Policy Fact Sheet This Fact Sheet helps you better understand the factors that may affect the Reversionary Bonus and Terminal Bonus of your Fortune Guard Life Insurance 1 and/or Fortune Protector

More information

LIA Guidelines on Benefit Illustrations

LIA Guidelines on Benefit Illustrations LIA Guidelines on Benefit Illustrations CONTENTS 1 Purpose 2 Basis for illustrating policy benefits 3 Basis for illustrating policy charges 4 Format of main benefit illustrations 5 Other requirements on

More information

SUPPLEMENTARY RETIREMENT SCHEME (SRS)

SUPPLEMENTARY RETIREMENT SCHEME (SRS) SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for

More information

HILDA & JOHN ENHANCED ANNUITIES

HILDA & JOHN ENHANCED ANNUITIES HILDA & JOHN ENHANCED ANNUITIES 20 July 2015 OBJECTIVES 1. John would like to secure a known income stream so Hilda can live a bit better should he die in the next few years 2. Ensure you don t have to

More information

Versa-Flex PRO-NY. Flexible Premium Adjustable Life Insurance. Flexible and Efficient. Client Guide VFPRO-NY-1C

Versa-Flex PRO-NY. Flexible Premium Adjustable Life Insurance. Flexible and Efficient. Client Guide VFPRO-NY-1C Versa-Flex PRO-NY Flexible Premium Adjustable Life Insurance Flexible and Efficient Client Guide VFPRO-NY-1C Life insurance helps provide financial protection and income replacement in the event of the

More information

Imperial Financial Planning Limited

Imperial Financial Planning Limited Imperial Financial Planning Limited Important Information About Our Services Telephone: 0116 270 7000 Email: administration@imperialfinancialplanning.co.uk Website: www.imperialfinancialplanning.co.uk

More information

SUPPLEMENTARY RETIREMENT SCHEME (SRS)

SUPPLEMENTARY RETIREMENT SCHEME (SRS) SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for

More information

Important information. Key Features of the Prudential International Investment Portfolio

Important information. Key Features of the Prudential International Investment Portfolio Important information Key Features of the Prudential International Investment Portfolio > Contents About this booklet 3 About the Prudential International Investment Portfolio 3 Its aim 4 Your investment

More information

DB Personal Pension Plan

DB Personal Pension Plan Deutsche Bank Human Resources DB Personal Pension Plan Handbook for employees of DB Group Services (UK) Limited DB Personal Pension Plan Contents Introduction 4 What is the Group Personal Pension Flex?

More information

CMFAS M9 Life Insurance And Investment Linked Policies

CMFAS M9 Life Insurance And Investment Linked Policies CMFAS M9 Life Insurance And Investment Linked Policies Module Description: The objectives of this module are to provide candidates with the knowledge on and understanding of traditional life insurance

More information

life protection & savings participating policy fact sheet

life protection & savings participating policy fact sheet life protection & savings participating policy fact sheet This fact sheet aims to give you general information about how a participating life insurance policy ( participating policy ) works under Wealth

More information

COLLEGE RETIREMENT EQUITIES FUND RULES OF THE FUND

COLLEGE RETIREMENT EQUITIES FUND RULES OF THE FUND COLLEGE RETIREMENT EQUITIES FUND RULES OF THE FUND Effective as of April 24, 2015 Attached to and made part of the CREF Contract or Certificate at its Date of Issue Note to participants: CREF's rules of

More information

Consultation Paper on Settlement Options in Life Policies

Consultation Paper on Settlement Options in Life Policies CONSULTATION PAPER P01-20 June 20 Consultation Paper on Settlement Options in Life Policies PREFACE 1 Some life insurers offer settlement options under their life policies. Such options allow the policy

More information

Are You Meeting Your Business Insurance Needs?

Are You Meeting Your Business Insurance Needs? FOR BUSINESS OWNERS Principal Variable Universal Life Income II SM Are You Meeting Your Business Insurance Needs? Meeting your business needs Individuals buy life insurance for many reasons. One key reason

More information

Important information. Key Features of the Flexible Life Plan (top-up payments)

Important information. Key Features of the Flexible Life Plan (top-up payments) Important information Key Features of the Flexible Life Plan (top-up payments) > Contents About this booklet 4 About the Flexible Life Plan (top-up payments) 4 Its aim 5 Your commitment 5 Risks 6 Questions

More information

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE CASH FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

Disclosure of Important Information to Life Insurance Customers

Disclosure of Important Information to Life Insurance Customers (Applicable to Bank of Communications Co., Ltd. Hong Kong Branch) (The Disclosures are written in Chinese and English. In case of discrepancy, the English version shall prevail.) Disclosure of Important

More information

global wealth manager the loyalty plan

global wealth manager the loyalty plan global wealth manager the loyalty plan contents About Friends Provident International 3 Introduction 4 How international investing can help you 4 An investment that makes the most of international opportunities

More information

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11)

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits & Options

More information

Registered office 6 Front Street, Hamilton HM11, Bermuda. Hong Kong SAR office 18 / F, Tower 1, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong

Registered office 6 Front Street, Hamilton HM11, Bermuda. Hong Kong SAR office 18 / F, Tower 1, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong HSBC Life (International) Limited HSBC Life (International) Limited ( the Company ) is incorporated in Bermuda with limited liability, and is one of the HSBC Group s insurance underwriting subsidiaries.

More information

The Charitable Gift Annuity

The Charitable Gift Annuity The Charitable Gift Annuity A Gift that Gives Back What Is a Charitable Gift Annuity? The name says it all. It s both a charitable gift and an annuity. The donor contributes property to charity and receives

More information

How to make changes to your annuity income

How to make changes to your annuity income How to make changes to your annuity income What s inside 2 Is it time to make a change? 3 Your annuity income 5 TIAA Traditional income 7 TIAA and CREF variable income 10 Ways to adjust your annuity income

More information

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.

GLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death. The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry

More information

Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance

Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance FACT SHEET LTC: FAQ s About Long-Term Care Insurance (H-003) p. 1 of 5 Long-Term Care: Frequently Asked Questions About Long- Term Care Insurance Long-Term Care (LTC) insurance only pays for long-term

More information

SOLID DISCOVER THE POSSIBILITIES. Retirement Plan Rollover Guide HELPS YOU

SOLID DISCOVER THE POSSIBILITIES. Retirement Plan Rollover Guide HELPS YOU SOLID HELPS YOU DISCOVER THE POSSIBILITIES Retirement Plan Rollover Guide Rollover Guide Table of Contents Retirement Planning Checklist.... 1 Comparing Your Options.... 2 Distribution Details....3 5 Rollover

More information

Back to Basics Understanding Managed Funds

Back to Basics Understanding Managed Funds By Michael Lannon Back to Basics Understanding s Last year was a good year for investors in the share market. However it is important to not lose sight of the basics of investment. This month we look at

More information

ST. JAMES S PLACE INVESTMENT BOND

ST. JAMES S PLACE INVESTMENT BOND INTRODUCING THE ST. JAMES S PLACE INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced, able and highly-regarded

More information

LIFE INSURANCE. and INVESTMENT

LIFE INSURANCE. and INVESTMENT INVESTMENT SAVINGS & INSURANCE ASSOCIATION OF NZ INC GLOSSARY OF LIFE INSURANCE and INVESTMENT TERMS 2 Accident Benefit A benefit payable should death occur as the result of an accident. It may be a stand-alone

More information

Why choose? Get it all.

Why choose? Get it all. Future Generali Wealth Protect Why choose? Get it all. This is a Unit Linked Insurance Plan. Future Generali Wealth Protect is an insurance product with life insurance coverage. UNDER THIS POLICY, THE

More information